24 September 2026 | 7:04PM EDT Portfolio Strategy Research US EQUITY VIEWS AI capex, required revenues, and what's priced in the AI trade Outlook for AI capex: The largest US AI hyperscalers are on track to spend $800 billion in capex in 2026 and consensus expects $1.1 trillion in spending in 2027. Our baseline forecast is that capex spending will increase in 2027 and surpass consensus estimates but the rate of both capex growth and upside surprises will diminish relative to recent quarters. What capex sign ...